Westamerica Bancorporation (NASDAQ:WABC) Reaches New 52-Week High – Should You Buy?

Westamerica Bancorporation (NASDAQ:WABC)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $59.37 and last traded at $59.1930, with a volume of 69239 shares traded. The stock had previously closed at $58.78.

Analyst Ratings Changes

A number of research analysts have commented on WABC shares. Keefe, Bruyette & Woods boosted their target price on Westamerica Bancorporation from $55.00 to $58.00 and gave the company a “market perform” rating in a research note on Friday, April 17th. Weiss Ratings raised Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Westamerica Bancorporation presently has a consensus rating of “Moderate Buy” and an average price target of $58.00.

Westamerica Bancorporation Trading Up 0.8%

The firm’s fifty day moving average price is $55.42 and its 200-day moving average price is $52.22. The company has a market cap of $1.39 billion, a P/E ratio of 13.19 and a beta of 0.56.

Westamerica Bancorporation (NASDAQ:WABC) last released its earnings results on Thursday, April 16th. The financial services provider reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05. The business had revenue of $62.08 million for the quarter, compared to the consensus estimate of $60.70 million. Westamerica Bancorporation had a return on equity of 12.26% and a net margin of 42.08%.

Westamerica Bancorporation Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, May 4th were given a dividend of $0.48 per share. This is a boost from Westamerica Bancorporation’s previous quarterly dividend of $0.46. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Monday, May 4th. Westamerica Bancorporation’s dividend payout ratio (DPR) is presently 42.76%.

Insider Activity at Westamerica Bancorporation

In related news, SVP Robert James Baker, Jr. sold 759 shares of the company’s stock in a transaction on Monday, April 20th. The stock was sold at an average price of $53.83, for a total value of $40,856.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Westamerica Bancorporation

Institutional investors and hedge funds have recently bought and sold shares of the business. UBS Group AG lifted its holdings in shares of Westamerica Bancorporation by 279.4% during the 4th quarter. UBS Group AG now owns 457,206 shares of the financial services provider’s stock worth $21,868,000 after acquiring an additional 336,714 shares during the period. Millennium Management LLC boosted its stake in Westamerica Bancorporation by 101.3% in the 3rd quarter. Millennium Management LLC now owns 399,197 shares of the financial services provider’s stock valued at $19,956,000 after buying an additional 200,884 shares in the last quarter. AQR Capital Management LLC boosted its stake in Westamerica Bancorporation by 35.9% in the 4th quarter. AQR Capital Management LLC now owns 381,832 shares of the financial services provider’s stock valued at $18,263,000 after buying an additional 100,867 shares in the last quarter. MetLife Investment Management LLC grew its position in Westamerica Bancorporation by 46.7% in the fourth quarter. MetLife Investment Management LLC now owns 228,658 shares of the financial services provider’s stock valued at $10,937,000 after acquiring an additional 72,760 shares during the period. Finally, Qube Research & Technologies Ltd grew its position in Westamerica Bancorporation by 63.4% in the second quarter. Qube Research & Technologies Ltd now owns 176,908 shares of the financial services provider’s stock valued at $8,569,000 after acquiring an additional 68,638 shares during the period. Institutional investors own 81.89% of the company’s stock.

About Westamerica Bancorporation

Westamerica Bancorporation (NASDAQ: WABC) is a California-based bank holding company that provides a comprehensive suite of commercial banking, trust and wealth management services. Through its primary subsidiary, Westamerica Bank, the company offers deposit products, lending solutions and treasury management to a diverse clientele that includes small and mid-sized businesses, professionals, non-profit organizations and individuals.

The company’s lending portfolio encompasses commercial real estate financing, agricultural loans, equipment financing and lines of credit designed to support working capital needs.